Chinnakannan Sivasankaran, the founder of Aircel, shared insights into the evolving landscape of business in India during a recent podcast hosted by Raj Shamani. He highlighted how today’s business environment differs significantly from a decade ago, when entrepreneurs faced immense pressures, often leading to tough decisions.
Sivasankaran recounted the challenges Aircel encountered in India, including stiff competition and regulatory obstacles, which ultimately led to the company’s exit from the market in February 2018 due to financial issues. He mentioned the acquisition of Aircel by Maxis Berhad in 2006, owned by Ananda Krishnan, which later came under scrutiny in 2011 following Sivasankaran’s allegations of being coerced into selling his stake. “Politicians intervened and I lost my company,” he said.
Reflecting on the acquisition, Sivasankaran revealed that he received a comparatively modest sum of Rs 3,400 crore, lamenting that he could have received a much higher offer from AT&T. He emphasized the changes in India’s business landscape, stating that entrepreneurs are now less susceptible to external pressures compared to the past.
Sivasankaran also discussed his entrepreneurial journey, which began in 1985 with the acquisition of Sterling Computers. He revolutionized the market by introducing affordable PCs, propelling Sterling to become one of India’s top three computer companies. Despite setbacks, such as his unsuccessful attempt to secure a board seat in Sunil Mittal’s Bharti Telecom, Sivasankaran remained resilient in his pursuits.
In a bold move, he even offered to buy Enron India’s troubled energy business for just one rupee, showcasing his determination to seize opportunities and navigate challenges in the ever-changing business landscape.